Search Results for: financial

December 9, 2014

New Scotland Yard sold to Emirati investors for £370 million

by Mark Eltringham • News, Property, Public Sector

Illustration: @SimonHeath1

The buyer of the Metropolitan Police’s Scotland Yard headquarters building has been confirmed as Abu Dhabi Financial Group (ADFG). The sale of the home of the Met as part of a huge shake-up of the police’s estate was first announced last year and last month news emerged that a buyer had been found, although details of the sale were withheld. The sale of the site to the Emirati investment group for £370 million is reported to be some £120 million more than the original asking price set by London Mayor Boris Johnson. The current building has been home to the Met since 1967 but the Mayor’s office felt the sale and freeing up of resources could benefit the force’s frontline operations. The sale is part of a wider shake-up of the police estate in London which has already seen the sale of 32 buildings, raising £125 million. The restructuring programme is expected to complete in 2016 and is estimated to save around £60 million each year in running costs.

December 9, 2014

Government must beef up the way it manages outsourced contracts

by Gary Watkins • Briefing, Comment, Facilities management, Public Sector

Any poorly-performing facilities management contract can result in financial and reputational loss, but where a government contract has been mismanaged, and there is a thirst for information on how the public purse has been spent, the repercussions can be major and the casualties high. The UK Government is the biggest spender on FM services, with £40 billion of outsourced contracts each year. However, in a recent report from the Public Accounts Committee and National Audit Office, contract management came in for stinging criticism. Evidence of overbilling, capacity issues, and poor governance and recordkeeping led to a very clear message that the Government must beef up its contract management. Procurement and contract management have been viewed traditionally as low-status in the civil service and, as a result, have been at the mercy of administration cuts and lack of investment.

December 8, 2014

Flexible working could boost economy by £90 billion, claims report

by Mark Eltringham • Flexible working, Knowledge, News

The widespread adoption of flexible working in the UK could boost the economy by as much as £90 billion each year according to a new report from mobile tech firm Citrix and the Centre for Economics and Business Research (Cebr). The study of 1,272 British knowledge workers claims that their ‘best case scenario’ calculation is based on saving UK workers £7.1 billion in commuting costs and over half a billion hours spent travelling. This would add around £11.5 biliion annually to the economy. The report also suggests that an even greater boost to GDP could come from the introduction of a large number of currently unemployed and underemployed individuals such as the retired, disabled and stay-at-home parents. By tapping this pool of talent the report claims that the economy would benefit by up to £78.5 billion annually, equivalent to nearly 5 percent of GDP.

December 5, 2014

Bouygues wins £27 million office fit out contract in City of London

by Mark Eltringham • Company news, News, Property, Workplace design

Bouygues UK has been awarded a major new design and build contract by developers Morgan Capital Partners LLP. The award comes hot on the heels of the handover of another major office refurbishment at 71 Queen Victoria Street, which is a stone’s throw away from the new site at 45 Cannon Street, in the heart of London’s financial district. The deal will see the demolition of existing offices and the construction of a new eight-floor office building including a Category A office fit out and the addition of 13,000sqm of retail space on the ground floor. As part of the works, the entrance to Mansion House underground station will also be refurbished as it sits on the site. Bouygues UK is aiming for a BREEAM Excellent rating on the project. Demolition is already being carried out on site, with Bouygues scheduled to begin construction work in the New Year. The project is due for completion in 2016.

December 4, 2014

Most people will continue to work in traditional offices for foreseeable future

by Mark Eltringham • Flexible working, News, Technology, Workplace design

[embedplusvideo height=”159″ width=”230″ editlink=”https://bit.ly/1tFAZGG” standard=”https://www.youtube.com/v/eGQb7R7Iudk?fs=1″ vars=”ytid=eGQb7R7Iudk&width=230&height=159&start=&stop=&rs=w&hd=0&autoplay=0&react=0&chapters=&notes=” id=”ep5129″ /]

The office remains the favoured location for work worldwide but there remains an ongoing mismatch between perceptions of the productivity and performance of flexible working employees and the reality, says a major new report from Dell and Intel. According to the Global Evolving Workplace Report based on a survey of nearly 5,000 employees worldwide, the idea that remote workers are less productive is particularly apparent in developed countries. In the UK, people are two times more likely to believe that colleagues who work from home are less rather than more productive. In Germany, 75 percent of respondents saw the ability to work from home as a special privilege. Meanwhile, of those employees surveyed in developing countries, over one-third (34 percent) see home workers as more productive, compared to 32 percent who believe they get less done.

December 3, 2014

Focus on the wellbeing of the occupants of the office, not that of the building

by Maciej Markowski • Comment, Facilities management, Wellbeing, Workplace

If you ask a typical corporation about their real estate strategy you will most probably hear a lot about rationalisation, minimising cost and synergy. Real estate strategy should include all these but a cost-cutting approach can be very short-sighted. Staff costs usually account to about 90 per cent of the business operating cost, while any improvement in staff’s productivity will have a stronger and more positive outcome than any cost saving on a building. The recently released World Green Building Council (WGBC) report Health, Wellbeing & Productivity in Offices developed with the support of JLL, Lend Lease and Skanska, clearly shows that the design of an office has a strong impact on the health, wellbeing and productivity of its occupants. It describes the impact of acoustics, interior layout, look & feel, amenities, air quality, thermal comfort, location, daylight and user control on occupants. But it doesn’t stop there.

December 2, 2014

Green manifesto challenges next government to deliver low-carbon economy

by Sara Bean • Environment, Facilities management, News

On the eve of the Autumn Statement, an influential business-led coalition of businesses, NGOs, industry associations and cross-party politicians has called on the next Parliament to tackle a range of environmental challenges affecting the UK economy and the built environment. The Aldersgate Group Manifesto identifies six target areas it says the next government must meet to build a growing, sustainable and resilient UK economy. It must accelerate the move to a competitive low carbon economy; prioritise energy and resource efficiency; improve our understanding and the state of our natural capital; equip the UK’s workforce with the right skills to benefit from the opportunities offered by the transition to a sustainable economy; increase financial flows towards low carbon and other environmental projects; and ensure the UK continues to benefit from progressive European environmental standards whatever the UK’s future relationship with the EU. More →

November 27, 2014

DeVere Group completes fit-out of new office in Etihad Towers, Abu Dhabi

by Mark Eltringham • Company news, News, Workplace design

The Interiors Group have completed a shell and core fit-out at the new offices of financial consultancy PIC deVere Group on a floor at Tower 3 of Etihad Towers, Abu Dhabi. The new office was designed to have a similar look, feel and functionality to the firm’s Dubai office and to anticipate the firm’s expansion. The brief included the provision of as many large team rooms as possible, so that each room could accommodate approximately thirty members of staff. The fit-out also incorporates a separate training room as well as print and breakout areas. Corporate colours were incorporated in this area with furniture and fittings largely in white and deVere blue introduced as the chosen finish for the Interface ‘Swing’ carpet and accent paint on elements of the interior architecture including columns and the glass and stone feature wall behind the reception desk.

November 24, 2014

Arup and UCL report offers up lessons from smart cities pioneers

by Mark Eltringham • Cities, Knowledge, News, Technology

A new report published by engineering and design consultancy Arup and University College London claims that the pioneers of the smart cities movement need to take a more strategic approach to ensure that their spending on IT infrastructure is effective in meeting their objectives. The report Delivering the Smart City: Governing Cities in the Digital Age is based on research of eight cities including London and Bristol in the UK alongside a number of other prominent global cities such as Chicago, Barcelona, Stockholm and Hong Kong. The report found that the cities spend an average of 6 percent of their expenditure on IT services and technology, which amounts to approximately £23 million per city across the study and is roughly equivalent to the amount budgeted in the financial services sector worldwide. While the authors welcome this as a sign that tech spending is taken seriously, they also claim that more could be done to target this spending effectively and tailored to the specific needs of each city depending on factors such as its ‘ecosystem’, culture and governance. It believes that the lessons from this are appropriate to all cities, not just those already pursuing a smart agenda.

November 14, 2014

EU institutions are not implementing their own green building policies

by Mark Eltringham • Environment, Facilities management, News, Public Sector

According to a report on EU news site euractiv.com, the various institutions of the European Union have been ‘unambitious’ in terms of delivering energy efficiency as part of their own buildings strategies. That is the key finding of a new study from the European Court of Auditors. which claims that green building standards and initiatives developed and promoted by the EU are not consistently employed for new buildings or as part of major renovation projects carried out by bodies such as the European Commission, European Parliament, EU Council and other institutions. The special report reveals shortcomings in the approach of these bodies, calls on the EU Commission to propose a common policy for reducing the carbon footprint of EU institutions and bodies and proposes the setting of an overall reduction target for greenhouse gas emissions by the year 2030. The report claims that it is through the design processes of a new building, or for a major renovation, that the greatest impact can be made on its energy performance and this should be the focus of its proposed new approach.

November 11, 2014

City of London’s iconic building the Gherkin, sold to Brazilian billionaire

by Sara Bean • Architecture, News, Property

The Gherkin, otherwise known as 30 St Mary Axe, has been sold to The Safra Group, controlled by Brazilian billionaire Joseph Safra. Although the financial terms of the deal agreed with Deloitte, the receiver for the London property were not disclosed, it is reportedly to be around £700m. Designed by Norman Foster, the 180-metre office tower encompasses approximately 50,000 square meters of office space and is the second-tallest building in the City of London. It was completed in 2004 for Swiss Re, which still occupies half the space, along with law firm Kirkland & Ellis. Safra Group said that the acquisition: “Is consistent with our real estate strategy of investing in properties that are truly special – at the best locations within great cities. While only ten years old, this building is already a London icon that is distinguished from others in the market, with excellent value growth potential. We intend to make the building even better and more desirable through active ownership that will lead to a range of enhancements that will benefit tenants.”

November 10, 2014

New report urges firms to protect against BYOD security breaches

by Mark Eltringham • Flexible working, News, Technology

According to a new report from BT, security breaches related to the practice of Bring Your Own Device (BYOD) and related forms of mobile working have affected 41 percent of UK organisations over the last year. Despite this, the report claims organisations are still not taking sufficient measures to protect themselves against threats such as lost or stolen devices and malware infections. The report reveals that at least one fifth of respondents’ organisations that suffered a mobile security breach, experienced more than four incidents in the last year. The research is based on a total of 640 interviews with IT decision makers from large sized organisations (1000 or more employees) across 11 regions: Australia, Brazil, France, Germany, Hong Kong, Middle East, Singapore, Spain, South Africa, UK and USA. Respondents’ organisations were from the financial, retail and public sectors. It shows that uptake of BYOD (Bring Your Own Device) and COPE (Corporately Owned Personally-Enabled) devices is very high, with 95 percent of UK organisations allowing employees to use these devices for work purposes.